Emirates College of TechtLearning ManaSystemshboard My courses / Faculty of Business / Accounting and Finance Department/ Accounting TheoryQuiz 1estion 2The double-entry system requires that each transaction must be recordedyetweredSelect one:ked out ofa. in at least two different accounts.b. first as a revenue and then as an expense.Flagestionc. in a journal and in a ledger.d. in two sets of books.Previous pageworkshop 5 solvedJump to.HADELLF5F6F7F8F9F10F11F12A5 €8.6.

Double Entry system: According to double entry system every business transaction has a dual aspect.…

The double-entry system requires that each transaction must be recorded Select one: a. in at least two different accounts. b. first as a revenue and then as an expense. c. in a journal and in a ledger. O d. in two sets of books.

The double-entry system requires that each transaction must be recorded Select one: a. in at least two different accounts. b. first as a revenue and then as an expense. c. in a journal and in a ledger. O d. in two sets of books.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section2.3: Analyzing How Transactions Affect Owner’s Equity Accounts

Problem 1OYO

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Question

Emirates College of Techt
Learning Mana
System
shboard My courses / Faculty of Business / Accounting and Finance Department/ Accounting Theory
Quiz 1
estion 2
The double-entry system requires that each transaction must be recorded
yet
wered
Select one:
ked out of
a. in at least two different accounts.
b. first as a revenue and then as an expense.
Flag
estion
c. in a journal and in a ledger.
d. in two sets of books.
Previous page
workshop 5 solved
Jump to.
HA
DELL
F5
F6
F7
F8
F9
F10
F11
F12
A
5 €
8.
6.

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Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.
Cornerstone Exercise 2-20 Transaction Analysis Four transactions are listed below. CORNERSTONE 2.2 Sold goods to customers on credit. Collected amounts due from customers. Purchased supplies on account. Used supplies in operations of the business. Required: Prepare three columns labeled assets, liabilities, and stockholders equity. For each of the transactions, indicate whether the transaction increased (+). decreased (-). or had no effect (NE) on Assets, liabilities, or stockholders equity.
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